Introduction We define public and private goods in terms of their rivalry and exclusive characteristics.
{"Image DocumentName": "IntroductionWe define public and private goods in terms of their rivalry and exclusive characteristics.", "Image ImageDescription": "We investigate exclusive but nonrival commodities and condition for renting instead of selling nonrival commodities. We address free-rider problem associated with public goods in a game-theory framework. Develop Pareto-efficient conditions for allocating public goods. We discuss how to obtain Pareto-efficient allocation when markets can be developed to establish prices for public goods (called Lindahl prices) We discuss Clarke tax. Provides a second-best Pareto-efficient mechanism for allocating public goods.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}